Cabot Oil & Gas Corp., Houston, expects third-quarter 2020 production to be 2,406 MMcfed, in line with previously reported guidance, and taking into account the anticipated impact of continued price-related curtailments in October, expects fourth-quarter 2020 production of 2,300-2,350 MMcfed. Full-year 2020 production guidance has been updated to 2,325-2,340 MMcfed based on a capital program of $575 million.
October curtailments have averaged an estimated 450 MMcfed of gross production month-to-date.
"On September 18, 2020, Cabot commenced a strategic curtailment program in response to weakness in regional natural gas prices throughout Appalachia, resulting in an estimated average daily curtailment of approximately 372 MMcfed of gross production during the last 13 days of the quarter," said Dan O. Dinges, chairman, president, and chief executive officer.